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, a dollar tax increase, a dollar spending cuts. >> president obama who jay carney represents during his daily press briefings at the white house wants an unlimited debt limit. he wants no debt ceiling on the amount of money that he can spend. so jay carney is taking shots at john boehner who has said look it's not a serious discussion about how we're going to solve the fiscal problem unless of course we match spending cuts to the number of dollars we increase in the debt limit. >> do you think that could pass congress in all seriousness? no more debt limit? no more power of the purse strings? >> no. >> that's insane. i think it's in the constitution. >> yes. and although president obama this because he got re-elected has he had has a mandate to do whatever he waumpbts, he forgets that the house republicans were also re-elected to kind of hold the line on spending. so no, i don't believe that would make it through congress. >> what about this utterance by the president today? instead of blasting congress, sort of saying he's keeping a list of congressmen? is this like a nixon enemy's lis
evening, everyone, i'm larry kudlow, and welcome to the "kudlow report." president obama calls for compromise. he has an urgent plea to extend the tax cuts in the next ten days. he's basically calling for a stopgap bill that will avoid tax hikes on 98% of americans. he's willing to waiten o the rest. >>> meanwhile, stocks had a fiscal cliff selloff. but even a deal in january for the cliff is going to be all right if you ask me. and today's economic numbers pretty darn good. and the gun control debate heats up again today after a controversial nra news conference in washington. the "kudlow report" begins right now. >>> all right. let's first look at the market reaction to this fiscal cliff stuff. jackie joins us with the details. good evening, jackie. >> good evening to you, larry. while markets finished lower on the day, they were higher on the week. the dow up about .5%, the nasdaq higher by 1.7%, and the s&p 500 up by roughly 1.2% over the last five days. meantime in terms of sector performance, the financials, they had a rough day. the plan "b" proposal for the fiscal cliff
starting with a surprise obama-boehner white house meeting on the fiscal cliff. we also have big changes in the obama cabinet, and more wild gyrations in the stock market. first, eamon javers is on capitol hill. good evening. >> good evening, larry. it was a showdown at the white house between the speaker and the president of united states. i'll bring you all the details here on who was inside that room over at the white house today. >> all right, thank you. >> and there was a twist this afternoon from president obama's favorite for secretary of state. ambassador susan rice withdraws her name from the running. i'll tell you coming up what lead her to make the decision. >> and i'm jackie deangeles. ongoing jitters over the fiscal cliff continue to keep the markets on edge. the decline is all across all ten s&p sectors. "the kudlow report" starts right now. >>> first up, we begin with breaking news out of washington tonight with just 18 days until the country's economy falls off the tax and fiscal cliff, turns out president obama and house speaker john boehner have just wrapped up a surpri
into a civil war. did president obama disspeaker john boehner in a comment today. >> on the conservative side of the republican party today. with senator demint speaking on the idea that $800 billion of tax increases were offered. but he got the backing of mitch mcconnel. take a listen to what he had to say. >> i think it sis important tha the house leadership is trying to mov move it forward. i had hoped that we would be accomplishing more in the real talks. but i can tell you, there is nothing going on privately that is not going on publicly. even as he has to deal with this rebellion. he has to deal with democrats and harry reid's comments today give you a sense of where they are coming from. >> they have to come up with specific revenue. and they refuse to do that. it is a simple question of arithmetic. you can't get from here to there unless you raise the rates. so as you know in washington, a rebellion in the ranks like this could be a problem. but in the spohort-term, if it remains constrained. it could be a good negotiating term. he could say i have offered everything that i have and
are speaking out about an obama care tax on medical device companies. 16 other democrats in the senate are joining them. geez, i may faint. now to washington, d.c. with fed chairman ben bernanke sent a chill down the spine of traders on wall street. bernanke said the fed's money printing should last only until we hit 6.5% unemployment. markets didn't like that one bit and a good rally was completely erased. and we go to damascus where the assad regime is firing scud missiles and where did those missiles come from anyway? >>> in a letter to senate majority leader harry reid, 18 democratic senators are requesting a sweetheart deal to delay a 2.3% medical device tax that is part of obama care. due to start january 1st. but you know what, may i with all respect, these guys are hypocrites. they're not supply siders. yes, the tax is a job killer, as they say, but it's only hitting their states. the senators claim the medical device tax kills jobs but why aren't they against all the other job killing obama care taxes or for that matter the fiscal cliff tax hikes that are coming. let's faulk a
again it solely is because it doesn't raise tax rates on the rich. when is obama going to rise above that obsession? when will he lose that over rich people and tax rates? i don't know. tonight, i'm is going to try to call his bluff. anyway, also breaking tonight, potential catastrophe if syria uses its chemical weapons. president obama issues a stern warning to syria and i quote the world is watching. and there will be consequences if syria uses these wmds. have we just committed ourselves to another war? and the gun control debate is squarely back in the spotlight tonight after the murder/suicide by nfl player in kansas city, second amendment instead of blaming the sick people who use them. republicans have responded to a fiscal cliff counter offer to president obama. eamon javers joins us now from washington with all the details. good evening. >> reporter: good evening. leapt me walk you through the specifics or at least what specifics we have so far from this boehner counter offer and you can see where it falls short from the white house's perspective right in the top line take a
report." president obama goes before business leaders and says "we could get this done in a week" when it comes to the fiscal cliff. but tim geithner just told cnbc that we're going to go over the cliff unless tax rates go up. at the same time, two dozen republican house members signed a bipartisan letter with democrats defecting from the boehner plan. in the meantime, a nice game for the day for the dow, but a stunning selloff for apple. do you know what? fiscal cliff or not, the s&p 500 is up 12% year to date. that is a handsome gain for investors, an optimistic year, believe it or not. and we already bailed out detroit's auto industry. but now, at least one motown politician is telling president obama he should bail out detroit bankrupt city government, too. this sure isn't the free market, and i asked why should a texas taxpayer bail out detroit? >>> breaking news from syria, and it is a blockbuster. the assad regime is walking and loading its chemical weapons, ready to use them on its own people. nbc's chief pentagon correspondent joins us now. jim, is this the red line president
president obama who had been concerned that they were not going to act and challenging them for an up and down vote said he was optimistic. here's the president after that meeting. >> i just had a good and constructive discussion at the white house with senate and house leadership about how to prevent this tax hike on the middle class and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. >> now what would be in that mini deal? we're talking about tax increases for people at near the top of the income scale. the question is the threshold, 400 or $500,000 are the likely places that that could end up. it would likely turn off the automatic sequester by using some of the revenue from the tax increases to account as budget cuts and turn off they is quester and it would also extend unemployment benefits and do the so-called doc fix to prevent reimbursements from declining and also have a milk fix, michelle that would prevent the doubling of milk prices which would occur without an extension of subsidies. >> why aren't people more optimistic? i have
ring in 30 minutes, president obama is set to deliver his remarks, we will have them of course live for you here now on "power lunch." let's look at the countdown clock. if we don't get a deal before time slip slides away, spending cuts and tax hikes are indeed the order of the day on this new year. happy new year, america. i'm sue herrera. we will start with john har wood at the white house in a few minutes. but amman starts us out. >> it seems they are really hashing out details of what to do about the sequester, those are the massive spending cuts. how long you delay those down and otherwise pay for them seems to be the crux of the negotiation going on behind closed doors right now but it is very difficult to find out exactly where these negotiations stand because all sides are being very, very mum. we can tell you that democrats appear to be getting a little bit concerned about where this is headed. take a listen to senator tom harkin who took to the senate floor earlier today. >> the deal must be one that really does favor the middle class, the real middle class, those making 3
. >>> first up tonight is president obama and house speaker john boehner escalate their war of words, new signs the fiscal cliff talks are on the brink of collapse. chief washington correspondent john harwood joins us from washington with the details. i look away for two seconds, john, and everything's falling astart. >> it looked a couple of days ago as if the two sides were getting closer. when president obama had a news conference at the white house today, he came out to talk about gun control measures in the wake of the connecticut tragedy, but the questions were mostly focused on the fiscal cliff. the president said he couldn't understand why john boehner was detouring to plan b because the differences are narrow enough that they can still work it out. >> i've said i'm willing to make some cuts. what separates suss probably a few hundred billion dollars. the idea that we would put our economy at risk because you can't bridge that gap doesn't make a lot of sense. >> the smackdown from john boehner came shortly afterwards. it was short and sweet. he spoke for less than a minute and he
around the world. president obama and congress return to work today with little progress seen on a deal to avoid the fiscal cliff as the government starts taking steps to buy more time before the u.s. hits the debt ceiling. the yen hits a two-year low against the dollar as the new japanese government battles to weaken currency. exports are rising, pushing the nikkei to its strongest gain in 20 years. .shares of toyota are heading higher after the u.s. settled a class action lawsuit. the $1 billion payment is already priced in. okay. welcome to "worldwide exchange." plenty of news to watch out of washington. all of this week, we thought it would be a quiet one. but i won't be inside the beltway if they want to get something done. the u.s. will hit the $16.4 trillion debt ceiling come monday. in a letter to congressional leaders, geithner says treasury will begin taking steps to save the government about $2 billion. geithner says it's harder to predict a time frame because the ongone fiscal cliff talks make it difficult to forecast next year's budget. among the measures treasury will take
evening, everyone. i'm larry kudlow. this is "the kudlow report." the talks are back on. team obama and team boehner are back at the negotiating table. but there is still substantial disagreement on tax rates, tax revenues, domestic spending and entitlement reform and the clock is ticking. speaking of tax hikes, europe's grand experiment with taxing the rich more is falling apart, especially in france and britain. and here at home, california and new york are passing through the 50% tax rate barrier. is anybody looking at how tax hikes fail the test of economic growth? >>> back here in the u.s., could it be michigan which used to call itself the worker's paradise union state is now moving towards new anti-union right-to-work legislation and it looks like it's going to pass? but first up, budget talks resume between speaker john boehner and president obama today. with just 25 days to go, let's keep tabs on where we stand. reports of a conservative backlash against speaker boehner simply not true. he has the solid support of his leadership and the rank and file. but there is concern a
the second term agenda of president obama. john harwood joins us now live with all the details. good evening, john. >> reporter: good evening, larry. you know, the house has now passed on a party line vote, zero democrats in favor, about 20 republicans defecting the spending cut portion of john boehner's plan b. it would cut about $200 billion in spending, overt the automatic sequester cuts to defense programs that republicans have been opposed to. now, the debate bef bthe passage of that spending cut bill, and we still have yet to see the passage of the tax increase bill, which is gotten resistance from conservatives, that was an opportunity for both parties to frame the stakes, and eric cantor, the house majority leader, came on the floor and said, this puts the ball squarely in president obama's court. >> we house republicans are taking concrete actions to avoid the fiscal cliff. absent a balanced offer from the president, this is our nation's best option, and senate democrats should take up both of these measures immediately. >> of course, democrats have no intention of doing that. they
point the leadership ip the senate and the house will sign onto expending president obama's eidea to take over. >> he will set the tone for whatever the issue will be. i'm not sure i would use a retre retreat. >> would a resection about extending the tax cuts. >> i can't answer that question. when did we stop talking about who those people paying the taxes would be. many of those almost one miggion are small business people and not create more jobs hurting economic growth and i think that is what you have to focus on when you talk about race iing w. >> i understand the point. in these negotiations the pras seems to have the or the rich t cuts. >> we haven't tualked enough about what it will mean to the economy. we have to care about who gets hit by it. we have to begin thinking about it. >> not an ees asy thing to do. we called it decoupling. again, i don't peak for anybody but myself. my point is we need to remind people that there are three things the small business person and where is the spending cut? >> one last one, the gop will be claimed if all of the tax carts experbecaus
in good faith and democrats are willing to concede part of the president obama move is he is willing to give in. the president and boehner came forward. >> we have to get through the next week. and get into a deal next year that is a major corporate tax reform pro poeposal and i thinkt what republican ares should do in this. because they are probably not going to get a lot in this. kick the can down the road. parameters. >> i don't love it, but if you put some. >> i'm going to be again one for one. >> one dollar revenue hike for one dollar spent is zero. >> but if you can get something next year, that will be significant. >> the increase in the budget deficit will be a lot in the next few years. >> that is the thing. you get over this hurdle as these ladies were saying, something is going to come out of that. and then you are going to come into more fiscal cliffs. we didn't cut spending so we are going bankrupt. so how is that going to work out? >> right. and that is what i was thinking as you guys were talking. kicking the can down the road. it is not going to work for markets or bu
president obama has wasted another week by not making a real proposal. meanwhile, republicans are divided and senator rand paul on this show last night may have made the most constructive proposal of all. >> i'm happy not to filibuster it. i will announce tonight on your show i will work with harry reid to let him pass his big old tax hike with a simple majority if that's what harry reid wants. then they will be the party of high taxes and they can own it. >> all right. without that kind of republican strategic retreat, the december 31st deadline is not likely to be met. in today's jobs report it was positive and it beat the street and stocks went up. how do we move 150,000 jobs per month up to 300,000 which would be a real recovery? first up breaking news out of the supreme court this afternoon, the nation's highest court agreed to take up the explosive issue of same-sex marriage, agreeing to hear challenges to the federal defense of marriage act and california's proposition 8. nbc's pete williams joins us now from washington with all the latest details. good evening, pete. >> reporter:
of communication are open. we don't know what it is speaker baner and barack obama are hashing out behind closed doors but more republicans are gravitating to the idea of compromising on a tax rate increase so long as they can get what they want for spending and entitlement cuts. listen. >> those rates are going up. we either act now to keep them from going up from as many people as possible or they will go up on everyone. that's a disaster. let's recognize reality, take care of as many people as we can. >> meanwhile, you're right. the president was in detroit where he continued his outside-inside game of running a campaign-style effort to jin up popular support for the fiscal cliff. because he was in michigan he took a whack at the proposed legislation -- the so-called right to work legislation. listen to the president. >> these so-called right to work laws don't have to do with economics. they have to do with politics. [ cheers ] they're really talking about giving you the right to work for less money. >> obviously a pro union crowd there. a lot of folks from the uaw there in detroit. but the
. these are your headlines from around the world. >> president obama calls congressional leaders to the white house today in what could be the last chance to come talk before the u.s. falls off the fiscal cliff next week. >>> investors are bracing for the final eurozone bond sale of the year. italy will sell up to 6 billion later today. >> and the yen has been sent lower and stocks to their highest level in 21 months. >>> this is the final "worldwide exchange" from london of the year. louisa is here for it. >> i can't believe it. it's my last working day of the year, as well. >> is it? >> yes. >> unfortunately we'll still be talking about the same thing we're talking about now. >> although i feel we'll be talking more debt ceiling, as well. >> and speaking of which, president obama is trying a last ditch effort to restart budget talks days before the u.s. goes over the fiscal cliff. speaker john boehner has called the house back into session sunday evening. house majority leader eric cantor is telling his members to be prepared to work through january 2nd. both sides are still far apart on taxes an
in that direction. the republicans have some leverage as well. two years ago, obama said he didn't want to hurt the economy, so he didn't want to raise rates on anyone. evidently that his job is secure, he's less interested in everybody else's job, so he is interested in raising top rates, capital gains taxes, subchatter "s" corporation taxes. although that's going to be awfully rough on the economy if he pulls the trigger on that. there are also a series of fights where republicans have more leverage than they do early january. that is the debt ceiling and there the republicans have announced ahead of time the boehner rule remains in place. obama wants a trillion dollars in debt ceiling increase and he's planning on having $8 trillion in higher debt over the next decade, he has to pay for it with spending cuts of equal amounts. the republicans could require tax rates come down as part of a debt ceiling increase. a second tool republicans have and have employed against obama is the continuing resolution. >> yeah. >> because the democrats in the senate have not passed a budget in three or four y
getting some movement on the fiscal cliff, talks apparently have hit a snag. president obama threatening to veto house speaker boehner's proposal plan b. he called obama irrational. where do the two sides stand right now, especially on spending? president obama says the nation has a deep obligation to stop gun violence and appoints vice president biden to lead the administration's effort on this. we'll have the details on that and look at the legal implications for gun manufacturers. and general motors buying back 200 million shares of its own stock from the government. we'll tell you what it means for investors and taxpayers alike. sue herrera down on the floor of the new york exchange. sue. >> it's 12 days to go until america goes off that fiscal cliff. both sides, as you just mentioned, are still sniping at each other. that's one of the reasons why the dow is down slightly. president obama said he would veto the house republican plan b tax proposal designed to avert january 1st tax hikes. the house speaker, mr. boehner, responded by saying that that was irrational and bizarre. john ha
the world. moving closer to a deal, reports say president obama makes a new fiscal cliff offer to house speaker john boehner, giving in a little on taxes, but standing his ground on the debt ceiling. >>> general electric is reportedly on the verge of buying italian space firm avi oi. >>> and india's central bank stands pat despite consistent calls for a rate cut. but the rbi is saying its focus is now normally on boosting growth. >>> well, it's been a rel ofly good year for stocks in europe. adding about .3%. advancers mostly outpacing decliners on the index this morning. if we can zero in on the bourses, it's largely green behind me. the fits fits mib is atting .6%. the ibex in spain, up 0.8%. and the ftse up about 0.3%. now, some company-specific news this morning, fin mechanica saying shares up 2.4%. this on news they're set to buy sge-avio. safran is also a company considering that change. let's take a quick look at the bond space. we'll get a sense of the kind of trade we're seeing shaping up. it is consistent with flows into the periphery, perhaps out of the core and the risk on m
for a deal to prevent the nation's economy from falling off the tax and fiscal cliff. president obama, speaker boehner, they huddled at the white house today once again, but are we really any closer to a compromise? we go back to cnbc's eamon javers who joins us from washington with all the details. good evening. >> reporter: good evening, larry. you're right, they did meet today. it was a surprise meeting not announced as the previous meetings between the two men have been in past weeks. so we know that the meeting lasted about 45 minutes and that treasury secretary tim geithner also attended. what we don't know is whether the two men came to any deal or not or advanced the discussions in any way today. what we do know is that up here on capitol hill, senator harry reid, the democratic leader, suggested to his fellow senators that they might consider coming back on december 26th, the day after christmas, to finish up the fiscal cliff which suggests to you that they might be heading down the path toward a deal, although that is not set in stone. meanwhile, over at the white house, the
you take a detailed look at the number of folks that dropped out of the workforce. keep in mind, obama care comes into effect on january 1st, as well. that will have a drag on job creation. you're seeing employers pull back in anticipation of that going into fuller effect. i think it's going to be a tough couple of months, without a doubt. >> what a shame, a real shame because it's self-inflicted. congressman, good to have you on the program. thank you. >> thanks, maria. >> we will see you very soon. the turn around story of the year, bank of america is up better than 100% year-to-date. how is that for a return in 2012? up next, mending capitals anton sheri shiff is with me. and then you don't want to miss scott wapner's trade of 2012, do you? did you own any of them? should you be owning them? we'll take a look. [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertip
for a proposal from this gentleman, the president. president obama. and the president is set to speak about the cliff and the a economy later today. >> i thought i was supposed to come here today. you thought you were supposed to come here today. so we are both here. not really, folks. a lot of talk today is about what investors should do if we go over the cliff. what should we do if there is a debt deal before year-end or shortly thereafter. we have smart strategies and individual stock picks for you this hour. >> that's right. well also take a look at another side of google that you very rarely hear about. the internet giant stashing billions in tax shelters to avoid paying taxes. is that fair play or outrageous corporate behavior? especially in this climate. well talk about that. but first, markets are generally higher. dow jones industrial average up 29 points on the day. nasdaq is up 7. and s&p 500 up about 1 1/2. >> they've been that way about the last ten days or two weeks or so. 21 days until america goes over the cliff or not. president obama meeting with the house speaker boehner
lunch." we have three major news conferences in washington, d.c. president obama will nominate senator john kerry to be his next secretary of state. harry reid will be on the senate floor and house minority leader nancy pelosi will discuss the cliff crisis. with plan b history, washington is scrambling to get a deal done. the markets however are decidedly worried. dow jones has been down triple digits almost all session. we are off our worst lefs, down about 174 point a few moments ago. down 152 on the dow. 17 to the minus side and nasdaq is off almost 40. let's go to washington where john har wood is standing by with the latest on the fiscal cliff follies. john? >> all follies so far, sue. we had house speaker john boehner come out today and have a news conference explaining the failure of his plan b last night which stunned a lot of people because both boehner and eric cantor majority leader said they were confident they had the most to pass it. what he said today at a news conference is that there were members who had a perception which he said was incorrect. it would raise taxes. t
to be for the rising movie industry. cet will head out to washington as president obama is pushing forward his tax for the wealthy agenda. george osbourne is going to update today. the chancellor will have his work cut out to meet his target of eradicating the federal deficit by 2015 as well as securing a fall to gdp ratio. also expected further pressure with a cut to its growth forecast. steve is braving rather inclement british winter weather outside the houses of parliament. >> lovely. >> i know you like it. how much is it going to be raining on george osbourne's parade? >> it's going to rain on his parade. you just nailed it, ross. three things which are going to come up today, which he has very little control over. one is that obr reckoning on the uk economy. thought only back in march it was going to grow -- pain a negative growth for the year. next year they thought it was going to be 2% growth. it's probably only going to be 1%. in terms of those two targets you mentioned, eradicating the structural deficit in a five-year period, that's going to have another couple of years. >> right. now,
for nearly every american. dramatic spending cuts will kick in. president obama and congress will be back from vacation tomorrow. but will anything get done? >>> plus, wild winter weather sweeping through the country. we'll bring you the latest details on which part of the u.s. could be hit next. cnbc's "worldwide exchange" starts now. >>> and welcome to a special edition of reside worldwide. ross andcle reoff today for boxes day in -- kelly are off today for boxing day. for now, you is us. >> we'll start with a brief check on the markets. energy and metals are trading higher now, wtis up about 55 cents. brent crude up 65 cents. also want to check in on the gold price, as well. gold right now down about slightly under the flat line there, 1,-658. well below the 1,700 mark. the cme globex has been closed for christmas. it's going to reopen at 6:00 a.m. eastern time. that goes for treasuries and the foreign exchange market, as well. >> as for action in the overseas markets, the u.k. is closed today for boxing day as are some of the former brish colonies. in europe the dax down about there a
will never be hit by it. there's one of the challenges that you have is obama, when he ran for office four years ago, said he'd never raise taxes on anyone who made less than $200,000, married people less than $250,000, but the new pledge made in 2012 said that his plan, this was august 8th, and since then, obama says my plan is that if you make less than $200,000 you'll see no income tax increase next year, so obama's new commitment is only the income tax, only for one year. >> right. >> and, of course, we're all paying higher taxes in january because of obama care. >> okay. >> taxes on capital gains. >> let me ask you this though, grover. i can imagine you wear it as a badge of honor to this the senate majority leader on the floor of the senate invoking your name in frustration because there are people on the republican side who are, you know, following your -- your lead to not raise taxes, but let's face it. you were in -- you were imposing this no higher tax in a different era, at a different time, in a different part of the economic cycle. aren't we at a point now economically where t
much. the stakes are getting higher. state governors meeting with president obama to express their fears about the fiscal cliff while both sides squabble. we are going to get an expert lesson from a best-selling author on the art of getting deals done. investors are getting ready for friday's crucial employment report. so where are the jobs right now who is hiring? who is creating them in the face of the fiscal cliff? we have got the answers and they may surprise you. >>> and let the debate begin. it's a little fuzzy, roll the tape. there you go a new study says high-speed trading on wall street is hurting the small investor and even puts a price tag on exactly how much the little guy is getting killed. you know they're talking about that one, sue, down at the new york stock exchange. how are you doing, sue? >> great, ty. indeed they are talking about that and we are going to talk bhort exact numbers on that study in just a few minutes. stocks are steady. talks continuing in washington. we are just down about 12 points on the dow jones industrial average, 27 days until americ
now. >> merry cliff-mas, everybody. five days left and still no deal. president obama cutting short his annual vacation in hawaii to deal with the fiscal cliff. no sight of congressional leaders. they're not in town. investors getting a little bit nervous. will congress get it together in time? no talks that we know of are imminent. it was by at least one measure, the weakest holiday retail sales growth since the financial crisis back in 2008, but could a post-christmas holiday sales bounce be around the corner? >>> and what a year it has been for tech. gadgets and gizmos. apple, facebook, microsoft all have big news. will 2013 be a lucky year for the sector? which tech titans might lead the new trends? simon hobbs is in at the new york stock exchange. >> good afternoon. when president obama arrives back in d.c., can he prevent america falling over the fiscal cliff? house republicans haven't yet called their members back to washington. our chief political correspondent, john harwood, is with us. john, this feels very much like it might be the calm before the storm in more way than o
no deal? president obama keeps talking about half a trillion in cuts, over ten years, we're doing that every five months when it comes to the deficit. $100 billion more person month that we spend over what we take in. you have to have bigger cuts on the table to get republicans to come along. >> we're only paying for 40% of what we spend today. it's interesting to see and what the futures are doing right now. very thinly traded at this hour on a friday evening it would be interesting to see and what they signal in terms of where we stand, now that we've heard from the president and some sort of modest optimism from both leader reid and minority leader mitch mcconnell. >> tyler, we want to go back to eamon javers. >> you just said when will we hear now from the president again? nbc news is tweeting that barack obama will appear as a guest on "meet the press" this weekend. when we will hear from the president again will be sunday morning. something to watch out for over the weekend. presumably, we'll get incremental details on what this deal is. as this is negotiated throughout frid
overblown? president obama says he will use whatever power he has to prevent another massacre like the one in newtown, connecticut. what can be done, if politics is the art of the possible? where does the possible reside in america? we talk solutions today on "power lunch." my partner, sue herera, sue? >> let's look at where major averages sit right now. just a second ago, we were up 80 point on the dow. we are close to the highs of this session so far. nasdaq composite is up 29 on the trading session and s&p 45u7b is up 13. it is that optimism over the fiscal cliff which increased over the weekend after house speaker boehner edged ever closer to president obama's position. indeed, the speaker met with the president at the white house this morning. eamon javers is at the white house. eamon? >> previous meetings between the president and speaker had been telegraphed a little bit. this one was not today. this is an interesting development but a grim-faced speaker bainer who arrived back up on capitol hill not talking to reporters. we don't yet have a sense of what was in the meeting, what th
-to-face, president obama and house speaker john boehner sit down for a one-on-one over the weekend. there are just three weeks left before the u.s. goes over the fiscal cliff. >>> italian shares are down nearly 3% this morning. for the most part, it is bank stocks leading the way down. we're now down about 2.76% on the ftse mib. bank stocks have been hit particularly hard this morning. earlier, we saw shares down 5.6%. we're seeing the same thing, whether it's bmps hitting session lows down nearly 6% comes amid concerns about leadership and economic reform in italy following mario monte's announcement that he'll resign once the budget has been passed. this move is likely to bring the country forward to elections next year. the italian prime minister has offered no clue as to whether or not he will run and it comes after sylvia berlusconi declared over the weekend he would throw his hat in the ring for the job of premier. carolyn ross is in italy following the details there. can you walk us through the time frame here? when are we expected monte to step down? what happens next? >> good morning to y
geithner? president obama gets ready to unveil his next pick for treasury secretary. >>> and voters head to the polls for their first vote in egypt's constitutional referendum. we'll take a look at the possible outcomes a little later in the program. >>> welcome back to the program. greek lawmakers have submitted a long awaited bill to curb taxation. this law is further towards complying to satisfy financial critters in receipt of aid. the move comes after eu leaders reached the deal to agree on ecb banking supervision rules for the block and bailout agreements for athens. leaders are set to spar over who pays for what. sill veer ya has been braving brussels for us all week following the latest. silvia, it sounds like the old divide between north and south is still at play here. sylvia, are you with us? can you hear us? i think sylvia lost her sound there so we'll come back out to her in just a second. if we can forward on to some of the other news we're getting out of that meeting, mario monti made a surprise appearance that we'll talk about as soon as silvia comes back. in particular,
which is happening tonight as we speak. also, as supplies from the obama team, ep achieve lisa jackson stepping down. can the coal companies finally breathe a sigh of relief? guess what happened in britain when the uk banned handguns. the surprising result that could change the gun control debate. "the kudlow report" start ises right now. >>> the big news tonight, still the developments in washington on the fiscal cliff, eamon javers joins us with the details. >> good evening, meshel. capitol hill sources tell cnbc that congressional leaders are planning to go to the white house tomorrow to meet with president barack obama and it is not entirely clear at this point when that meeting will take place and details are still being hammered out and we saw today a blistering series of rhetorical jabs from one side to the other and it's not clear as a result of all that whether a deal can, in fact, get hammered out in the remaining time before new year's eve and take a listen to senate republican leader mitch mcconnell earlier today explaining the problems he's facing in washington. take a lis
. on a road trip yesterday, president obama indicated that he is willing to compromise, just not on that point about an increase in tax for relthy americans. meantime, speaker boehner says he is still waiting on specific spending cuts. joining us now for analysis, tony fratto, of hamilton place strategies and former white house press secretary and gerald bernstein former economic adviser to vice president joe biden. gentlemen, thank you for being here with us and getting this special day of coverage kicked off for us. >> rising early and rising above. >> exactly. let's talk about this. jared, it seems like things have gotten quieter. do you think that's the case? is that a good sign? >> i think it's probably a pretty good sign. if you look at this morning's papers, you see a number of articles suggesting that there's a bit more compromise in the air. my concern is that tomorrow's papers may say the opposite. so interestingly, there's been some pretty leak free discussions going on, which i actually think is a good thing. they're obviously big, outstanding questions. you mentioned the tax rate
spending. its pending home sales index for november. >> in other housing news, the obama administration is considering expanding its mortgage refinancing program to include borrowers whose mortgages are not backed by the government and who owe more than their homes are worth. "the journal" reports one proposal being considered would also transfer potentially riskier loans that are held by private investors into fannie and freddie and transferring billions of dollars of mortgages to the government-backed mortgage companies would require congressional authorization and temporarily change the charters of fannie and freddie. does that sound like something -- a kid -- >> i don't know if it's good or not. >> all the stuff that's not covered now. you need -- >> yeah -- >> put it into fannie and freddie again. expand their balance sheets. i don't know. >> you have a view? >> how much was the tie? >> i don't want to say. >> really? >> was this a christmas tie, holiday tie? >> no. getting back to your question -- >> go ahead. >> fannie and freddie. look at that -- >> beautiful tie. >> punting. he
's get you some some of the morning headlines. the biggest one being president obama planning to meet with congressional leaders at 3:00 p.m. eastern time today in a last ditch effort to avoid the fiscal cliff. the house majority leader eric cantor is now telling members to be prepared to work through january 2nd. both sides still far apart, however, on taxes and spending cuts. senate majority leader harry reid says prospects for a deal by monday are still unlikely. there was a lot of movement, motion for not a lot of action. >> where were you yesterday? >> i was here. we were together. >> were we ever with our -- no. but there were duelling senate leaders just -- first mcconnell came on. and he said -- did you see either one of those? >> i did. >> did you see harry reid? >> there's no chance of -- >> but if you think -- i want to rise above. there was so little of anything close to that yesterday other than just the -- i mean, people at home must be like, it's the endless blaming and finger pointing and, you know, when one side says it's all the other side's fault and all the other s
be willing to raise taxes on the wealthy if president obama allows entitlement cuts in return. >>> and corporate news weighs on sentiment across europe. kpn shares fall after dividend and greco stocks plunges as analysts cut their outlook for the uk power group. >> okay. welcome. it's the start of a brand new week here on "worldwide exchange." and don't adjust your set, kelly and i are together. >> for once, for a day. >> but make the most of it because it won't be lasting. >> if only there were a slo-mo. >> i'm going to enjoy as much as i can of today. >> and likewise. and then we're going to have to get all of our u.s. voouers to find cnbc world because they could get three hours of you, carol and carolin for the rest of the week. >> whatever they can do. record it and fast forward to the good bits. >> yeah. >> it will be 2:00, 3:00 in the morning or whatever. >>> on today's show, plenty to come on. >> yes. the south american union faces ejection from the imf for allegedly cooking its books about the innation rate. we'll head out to europe where the swiss banking giants coul
reportedly added spending cuts to convince members it will be worth the vote. president obama has threatened to veto the bill. the president says he's puzzled by what's holding up budget talkes and that house republicans should stop trying to score a point against him. >> take the deal. you know, they will be able to claim that they have worked with me over the last two years to reduce the deficit more than any other deficit reduction package, that we will have stabilized it for ten years. that is a significant achievement for them. they should be proud of it. but they keep on finding ways to say no as opposed to finding ways to say yes. >> senate minority leader mitch mcconnell says he believes a deal could be reached by the end of the week. how much of an impact will the fiscal cliff have on businesses? cnbc caught up with martin sorrell and asked him what he's expecting coming 2013. >> it toughened up as we started the year. we started with a budget revenue of 4%. having done 4% in the first quarter, we were feeling relatively optimistic and we said it would be better than the 4%. from th
revenue than that, if not all the way up to the level in president obama's budget. finally, that an agreement would include a significant extension of unemployment benefits. remember, there are 2 million people who would lose about $300 a week if this fiscal cliff passes and there's no deal whatsoever. guys, back to you in d.c. >> all right. john harward, thanks for keeping us posted. we're about six minutes before the bell rings in the final session of 2012. let's bring in matt. good to have you with us. the futures are not too bad. we're coming off five straight losing streaks. on friday we saw the vix post the low of the session. what do you think it will happen today? >> i'm not going to put a lot of credence in the futures this morning. i think that's out of the picture for a lot of people. they didn't really notice it because it happened after the close. we're really not going to put any credence in it downstairs today. obviously everything has to do with what they're going to negotiate starting at 10:00. funny thing is, why 10:00? why are we waiting so long? this is
/european time. >>> u.s. budget talks have intensified. president obama and house speaker john boehner spoke by phone tuesday after exchanging new proposals. aides confirm the president gave boehner a revised offer on monday, reducing demand for new tax revenue from $1.6 trillion to $1.4 trillion over the next decade. boehner responded with a plan that largely sticks by his original offer a week ago. reports say the white house has told republicans it would include an overhaul of corporate taxes in any budget deal which it hasn't put on the table before. in an interview with abc news, president obama says he still expects a deal before the end of the year. >> i remain optimistic that there are enough people of goodwill who recognize the economy will be better off. american families will be better off if we get this done. the most important thing we can do is make sure that middle-class taxes do not go up on january 1. i'm confident that republicans would not hold middle-class taxes hostage to try to protect tax cuts for high income individuals. >> you see president obama's full interview wit
, was president obama speaking beautifully and emotionally today about what i believe and many believe the most horrible and heinous and heartbreaking tragedy that anyone has ever seen. most folks are asking the same questions we are, how could this possibly have happened in this great country of ours? let's go to nbc's chris palone near the scene with the latest. >> reporter: at the hour in newtown, connecticut, people are starting to gather in at least three local churches holding prayer vigils for the victims' families. police say it could take up to two more days to identify all the victims and collect all the clues at the elementary school here near me. the big question on everyone's mind tonight is why? imaginable horror. more than a dozen elementary schoolchildren brutally murdered by a gunman who walked into a school and opened fire. >> there were 18 children pronounced dead at the scene. there were two children transported to area hospital, pronounced dead at the hospital. there were six adults that were pronounced dead at the scene. >> reporter: frantic parents rushed back to the scho
of u.s. stocks next. >>> and as the fiscal cliff turns, president obama campaign style once again today. this time in michigan. that after talking with house speaker john boehner over the weekend. their firps one on one in weeks. is that why republicans are saying they would swallow higher taxes for the right deal on spending cuts? we'll talk to tom cole who is making that case in just a few minutes. >>> bmw and mercedes are looking for the best selling luxury brand in the united states. wait until you hear what your money can get you these days. you're watching cnbc. ...so as you can see, geico's customer satisfaction is at 97%. mmmm tasty. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's not real. geico's customer satisfaction is q rea this computer-animated coffee tastes dreadful. geico. 15 minutes could save you 15 % or more on car insurance. someone get me a latte will ya, please? >>> is the u.s. consumer in trouble? the front page on this morning's "wall
that, plus obama care, could force him to lay off workers. he joins us now to make his case. >> welcome, sir. >> thank you very much for joining us. tell us in your own words what you're most fearing here >> you know what? we've got this r & d tax credit that has not been renewed, hitting our bottom line by 2%, 2.5%. think about it. these are high-paying jobs that we hire. it was just announced that china surpassed the u.s. in patent applications just last year. the r & d tax credit goes to hiring and expanding our r & d research. that and obama care, obama care just hit us by 19.5%. our medical costs are going up next year by 19.5%. so what can we do? we'll have to adjust our costs and get them in line. we compete in the worldwide economy, and our costs are going up. >> how much did that loss of the r & d tax credit cost your company as well? >> it cost us about 2.5%, 2% on the bottom line. >> and if the r & d tax credit does not come back, how many people might you have to let go next year? >> so what we have is we've got the 2%, 2.5% that we lost in the bottom line and obama care hit
the lows of the afternoon after news that president obama and speaker boehner are set for another meeting today on the fiscal cliff, one hour from right now. take a look at how the markets are settling out tonight. as soon as we got that announcement the market went from down 90 to down 50 and it's creeped lower since with a decline on the session of 80 points, finishing at 13,167. a decline of three-quarters of 1% at 2992 on the nasdaq and the s&p gave up 9 at 1419 and the federal reserve and the fiscal cliff weighed in on this market. how do you position yourself? joining me to discuss that our guests. gentlemen, nice to have you on the program. thanks so much for joining us. let me kick this off with you in terms of allocating capital right here in the face of so much uncertainty, fiscal cliff, federal reserve. what is going to be the dominant force in terms of moving money? >> i think you don't fight the fed. i think what happened yesterday is a little bit more of the same we had this year which is the fed is going to try to keep interest rates low until it moves people off the risk s
, president obama and speaker boehner appear to be inching toward a deal. last night republicans announced plan b in case talks fail. they'll be moving to pass their own tax bill as a backup plan to avert the tax hikes. and the automatic budget cuts set to happen next month. it would extend low tax rates except on those with incomes of $1 million and above. president obama's latest position puts that threshold at $400,000. >> at this point, having a backup plan to make sure that as few american taxpayers are affected by this increase as possible. >> now no one expects that the gop bill will pass the democratic-controlled senate. in fact, harry reid said forget it, they're not going to be passing any of these things. but this is another option out this. and it does change the dynamics in terms of who's going to be blamed for raising taxes. we'll see how this plays out. >>> among our guests on the topic this morning is dccc chairman steve israel, congressman from new york. plus, we'll also be talking more about what's at stake in washington and how the fiscal cliff is likely to effect invest
it is to go over the fiscal cliff when senators barack obama, senator joe biden, senator harry reid in 2006 all turned down w's request to raise the debt ceiling . >> the fiscal cliff was born in 2011. >> he didn't like it then but he wants today. he wants carte blanche today. >> let him answer, rick. >> i listened to you. please listen to me. i know that's not easy for you. >> okay. >> but please listen to me. >> not easy because you don't say anything consistent. >> the seeds of the fiscal cliff were planted in 2001 with the ten-year window for the bush tax cuts. secondly, look, you're not going to like this, rick, but the fact is the president has come more than halfway in terms -- he hasn't come anywhere. he's come halfway on 7%. he hasn't come halfway on the other side, the entitlement side, the reform side. we're going to a too light deal that's too small. >> a lot of people are saying he wants to go over the cliff because it gives him more leverage. >> yes. >> his treasury secretary said that. tim geithner said that on cnbc. >> right. >> well, look, i mean, first of all, i don't beli
holding onto the 1400 level. president obama is back at the white house. all eyes are on senate lawmakers now. amam jabbers is in washington. >> reporter: president obama did cut his vacation short in hawaii. he has arrived back at the white house this morning. the president emerging from marine one. what he's going to work on here in washington is pretty much anybody's guess at this point. the senate came back into session this morning and senate majority leader harry reid took to the senate floor to explain that he thought a $250,000 and above extension of the tax -- bush tax cuts could, in fact, pass and he was extremely, extremely angry in ways that you really hear on the senate floor with the speaker of the house. take a listen. >> it's beings operated with a dictatorship of the speaker not allowing the vast majority of the house of representatives to get what they want. if the 250 would be brought up, it would pass. >> so harry reid there calling house speaker john boehner a dictator for not bringing a bill to the floor that would extend the bush tax cuts for all those who make less
, let's look at tax increases. what we understand with the new proposal of obama to raise tacks on those making $400,000 and higher, that would raise $600 billion in revenue. we believe the revenue side from the gop is $460 billion. just a warning on the gop. not getting exact numbers from here i ran them by a high-level gop source, he says they are not far off. the gop says the difference as 235, they see another $95 billion in revenue obama administration would raise. let's go on and take a look at the other key area, which is deductions. 540 for gop and $500 billion for democrats is all over 10 years, a minor difference right there. just so you know 46 to 50, could be 50/50, summer in that neighborhood. moving on, the estate tax, $100 billion, going back to the 2009 levels. the gop we believe is not for any increases in the estate taxes. $1.2 trillion in revenue democrats say they would raise. gop says they would raise a trillion dollars in revenue, the difference of $200 billion, depending what you do with that $95 billion. >> sounds like the differences or clifferences are narrowing
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